Verdane Capital Partners, a Scandinavian direct secondaries specialist, has acquired a portfolio of stakes from a German media group.
The firm used its 2016-vintage Verdane Capital IX fund to acquire whole stakes in designer plus-size clothing retailer navabi, online tech education provider CareerFoundry and e-marketer Kyto from Bauer Media Group, according to a statement from the firm.
The stakes are a mix of small and significant minority interests, a spokesman for Verdane told Secondaries Investor.
“From a strategic perspective, it was the right moment to sell our shares for a good price,” a spokeswoman from Bauer told Secondaries Investor. “We are sure the companies will benefit from Verdane Capital’s expertise and existing portfolio to achieve further growth.”
Verdane Capital IX held its final close on SKr3 billion ($351 million; €287.8 million) in July 2016, after five months in the market, according to PEI data. Investors in the fund include AP Fonden 3 and Norwegian asset manager Argentum.
The fund is approximately 50 percent invested across 12 deals, the Verdane spokesman said.
In March Verdane reached the hard-cap on its debut buyout fund, the SKr3 billion Verdane Edda fund, which will seek controlling or co-controlling stakes through equity tickets of up to €50 million.
“What we have felt was really a hole in the market starting from where we stop investing with the Verdane Capital series and ending where international technology-focused houses get out of bed and start investing ticket size-wise,” managing partner Bjarne Lie told sister publication Private Equity International.